M&G has appointed former Axa Investment Managers boss, Andrea Rossi as its chief executive and executive director.
Rossi, will take up the position on October 10 of this year, succeeding John Foley whose retirement was announced in April after seven years in the role.
M&G said Foley will step down next month but will remain at M&G in an advisory capacity until December 31 to aid the transition.
Rossi brings 22 years of global insurance and asset management sectors experience to the role, having most recently been a senior adviser to Boston Consulting Group.
M&G chair, Edward Braham described Rossi as “an inspiring and proven leader with a strong track record of delivering profitable growth and outstanding client outcomes”.
While Rossi said he has long admired M&G “given its history, excellent investment strategies and savings solutions”.
Prior to working at Boston Consulting Group, Rossi held the role of chief executive of Axa Investment Managers for six years while also serving as a member of the group executive committee of Axa Group.
During his time at Axa Investment Managers, its assets under management increased by 55 per cent to £800bn.
Prior to this Rossi held senior roles at Axa’s insurance business across Europe and internationally.
He is also the co-founder of REsustain, a firm focussed on reducing the carbon intensity of commercial property, where he will remain as a non-executive director.
M&G said Rossi will enter the role with a base salary of £875,000 and eligibility to participate in both a short-term and long-term incentive scheme with a maximum annual entitlement of 250 per cent of base salary, subject to performance conditions.
The appointment has been approved by the PRA and FCA.
jane.matthews@ft.com
